Last month a West Virginia-based company, Global Liquidation Center Ltd. (GLC), accused former Georgia football coach Jim Donnan of running a Ponzi scheme that it claimed eventually bankrupted the company.

In a civil action filed in a federal bankruptcy court last month in Athens, Georgia, GLC alleged Donnan had committed fiduciary fraud, embezzlement and larceny in the company’s bid to obtain the $5 million remaining in Donnan’s personal estate. (Donnan filed for bankruptcy himelf after GLC declared Chapter 11.)

GLC alleges that Donnan, who was a major investor in the retail outlet liquidation company, used his formal role with the company to lure investors into loaning money to GLC at exorbitant interest rates. (Some documented agreements touted a 70 percent annual rate of return.) When GLC was unable to service its obligations to the Donnan investors who had loaned it money - and Donnan himself was unable to obtain fresh investment capital to help GLC service those loans - the company was forced into declaring bankruptcy.

In federal court documents the company reported that from 2007 to 2010 Donnan helped secure $81,916,000 from investors. During the same period, GLC alleges that Donnan billed the company $14,557,228.50 in his own personal loan interest and commissions - with much of that money transferred from Donnan to his immediate family members and wife.

Of the over $81M in investment funds, GLC reported in court documents that $11,793,000 was invested in company operations.

As part of its legal argument to obtain what’s left of Donnan’s personal estate, GLC noted in its filing last month:

James Donnan is substantially, if not principally, responsible for the initiation and operation of a far-reaching ponzi scheme that defrauded GLC and its investors of approximately $27,752,159.

A week after GLC filed its claim against Donnan, a federal bankruptcy court judge effectively froze his personal assets to allow for a formal, legal examination of the hundreds of pages of evidence and exhibits submitted to the federal court.

As for GLC’s Donnan-solicited investors, nowhere in those legal documents is an itemized accounting of who lost what. And from Donnan’s personal accounting practices, it isn’t unreasonable to think that he doesn’t know either.

From evidence presented by GLC to the court, it’s now been confirmed that the former football coach kept virtually all of his financial accounting in handwritten notes. Those notes give the only clues, for now, of how much individuals may have invested - and potentially lost - with Donnan.

In one of the payments to Donnan, Gillispie signed off on a GLC company document indicating a $1 million loan to GLC at a 60 percent annual interest rate. Donnan later noted in one of his handwritten accounting documents that current Texas State football coach Dennis Franchione was to be paid five percent of Gillispie’s seven-figure buy-in. ($12,500.)

(Franchione’s $300,000 ‘loan’ to Donnan at 60% annual rate)

In another GLC loan agreement document, Gillispie was given a 65 percent annual interest rate in exchange for a $2 million loan - solicited by Donnan - to the company. (Though that document was not signed by Gillispie.)

In another federal court document submitted by GLC last month, Donnan’s handwriting shows Franchione as credited with a 10% commission on what appears to be a May 1 six figure payment from Gillispie to GLC via Donnan.

Franchione is prominently featured throughout Donnan’s handwritten bookkeeping of “investor” information. Here’s a handwritten contract for a Franchione “loan” signed off on by Donnan and his wife Mary.

In a March 10, 2009, email to Donnan, Franchione directed the former Georgia coach to send him the payments for five other individuals who had also apparently “loaned” Donnan - and GLC - money.

Franchione wrote Donnan at the time:

The others can be done in checks mailed to me in their names and I’ll see that they get there.

Franchione and Gillispie were far from the only coaches and sports figures who, according to Donnan’s handwritten notes, loaned him large sums of money at staggering interest rates.

Interest rates that GLC, a small retail merchandise liquidation firm, was obligated to pay.

Here’s some of the sports figures listed in Donnan’s somewhat indecipherable handwritten notes - and what they may have paid the former coach. (At least based on Donnan’s primitive accounting practices.):

Here are some of the executed and non-executed “loan” agreements and more handwritten notes - this time from a Donnan associate:

Not everyone was convinced of the veracity of Donnan’s business. GLC included in its federal court document dump one email exchange between Donnan, a potential Donnan investor and his investment advisor:

When dismissing one of Donnan’s claims to his client, the advisor wrote in an email, “someone’s been eating retard sandwiches.”

Friday afternoon longtime ESPN college football recruiting expert Tom Luginbillappeared on the Paul Finebaum Show to make predictions about where he thought some of the top college football recruits in the nation would be inking letters of intent on national signing day Wednesday.

(As signing day nears, Auburn import biz suddenly brisk)

One of the prized recruits discussed was the top offensive lineman prospect in the country, Cyrus Kouandjio. Last month Kouandjio reportedly had USC, New Mexico, Iowa, Miami and Alabama as his top five choices. (Brother Arie Kouandjio is an offensive lineman with the Crimson Tide.) Recently, Miami was replaced on that list by Auburn.

So on Finebaum’s show today, what school did Luginbill predict Cyrus Kouandjio will attend? Luginbill:

Luginbill: “I think Cyrus Kouandjio is going to surprise the world and … sign with Auburn.”

Finebaum: “REALLY?”

Luginbill: “That would be a significant surprise for many. You’ve got Auburn, Iowa, Alabama and New Mexico in his top four, obviously his brother is a freshman at Alabama … but don’t be surprised if that happens.”

Luginbill’s prediction is a bold one, considering a seemingly undecided Kouandjio is taking his official visit to Auburn, which wasn’t scheduled until a couple weeks ago, this weekend.